9 Best Advice to Become More Like the Richest People in the World

Rhett Power on Inc. put together some of the best financial practice that regular folks can follow to walk a little bit more in the footsteps of the world's very richest people. Caution: these are not self-help fad but are, rather, incredibly inviting practical and sensible tips.  

#1 Avoid debt at all cost

Contrary to marketing spiels, debts are not a necessary evil. Credit cards and loans are not free rides to spending sprees, but are interests and fees waiting to pile up - and pile up they often will.  

#2 Understand that happiness is possible with less

Materialism is a trap. Eluding this trap time and again can actually add up to much.  Google co-founder Sergey Brin, for example, says: "I was raised being happy with not so much." Today, this exemplary entrepreneur has a cool $22.8 billion to his name partly by refusing to get bogged down by the ploys of materialism.

#3 Don't just live within your means, live below it

Ostentatiousness is a pricey vice that constantly assures the destruction of many. Always self-reflect upon the reason for each purchase and each spend and determine if these reasons are valid, are genuine, and are not a placebo for root issues that need to be faced squarely.

#4 Spend wisely on coffee

Coffee drinking has become a social exercise for many. However, daily commercial - especially branded - cups of coffee eventually add up to a considerable total in a given month. Home brew and drinking coffee only when essential are good measures to streamline this hobby. 

#5 Fly smart, fly economy

A good exercise is to use air travel as an opportunity to collect miles and earn free tickets. This is even better if flying does not create a whole in your financial statements. Avoid expensive air fares where you can and realise that people like Ingvar Kamprad of Ikea fly economy, too

#6 Live in a modest home

One such example who exercises this principle is the chairman and CEO of Telmex, Carlos Slim Helu, whose home is a six-bedroom house that he has been living in for over 30 years now.

#7 Understand the wisdom in buying from sales

Dress well without getting whipped around by the manic year-round changing of styles. The combination of branded merchandise and outlet stores ensure smart buys while staying in fashion.

#8 Apply selective spending

Plan all purchases and resist impulse purchases. The occasional treat is okay without going broke.

#9 Avoid being a one-man car show

Jim C. Walton, Azim Premji, Steve Balmer, and Ingvar Kamprad all use cars that cost less than $20,000. In Rhett Power's words: "Drive the same car for 10 years."

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